Why Frisco ISD`s $775 million bond is a bad deal for taxpayers
Transcription
Why Frisco ISD`s $775 million bond is a bad deal for taxpayers
4/29/2014 Why Frisco ISD’s $775 million bond is a bad deal for taxpayers | Dallas Morning News Why Frisco ISD’s $775 million bond is a bad deal for taxpayers 83 15 0 Share 1 38 AA By JESS FIELDS Published: 27 April 2014 08:18 PM Updated: 27 April 2014 08:31 PM The Dallas Morning News recently ran a story about how Frisco ISD’s $775 million bond proposal is facing significant opposition and skepticism from the community. This shouldn’t come as a surprise to anyone who has noticed Texans’ weariness of ever-increasing debt and taxes. While most Texans clamor for putting the brakes on runaway government spending and debt, Frisco ISD has put its foot on the gas pedal. And it could end up costing taxpayers big-time. Property owners in Frisco ISD could see a noticeable tax increase should the district’s bond package succeed. If the bond is approved, the average homeowner could see a tax increase of $206.40 per year, based on Frisco ISD’s own estimates that its average home value is $272,801. This piles on more taxes on top of the state’s above-average per person property tax burden, ranked as the 15th-highest in the nation. Admittedly, Frisco is a fast-growing school district; but its debt load is already enormous and this large, new debt could max out the district’s debt service tax rate entirely, rendering it incapable of borrowing in the near future. Frisco ISD has borrowed nearly $1.4 billion on the backs of taxpayers. And that doesn’t include interest, which is estimated at over $1.2 billion. Combine the principal and interest amounts owed, and the district’s total outstanding debt burden is nearly $2.6 billion, or about $55,988 per student enrolled. Among adjacent large districts, only Denton approaches this level of debt per student, at $41,671. Even then, Frisco’s total debt burden per child is over $14,000 higher than Denton’s — and that, of course, doesn’t account for the $775 million of new debt. Assuming a reasonable interest rate of 4 percent over 30 years, the interest owed on $775 million principal could be as much as $556 million. Adding this estimated new debt total of $1.3 billion to the existing debt total of $2.6 billion increases the district’s total debt to over $3.9 billion. Under this scenario, the district’s total debt per student would be a whopping $84,781. Frisco is expecting an additional 19,795 students to enroll between the current 2013-14 school year and the 2020-21 school year, and these are the students that the bond’s capital improvements are intended to accommodate. The bond costs $67,289 per new student. Not all of the money is going toward building new schools, however. Among other things, over $103 million is earmarked for a combination of technology upgrades, vehicle purchases, surveillance cameras and conservation measures. In other words, a portion of this debt is intended to pay for short-term expenses — something to avoid in public and personal finance. Technology, in particular, has a notoriously short life cycle, needing upgrades every few years. Voters should be asking themselves whether it is prudent to add debt in this way. The short-run projects and the massive amount of total debt only come into clearer focus when you consider the effect on the tax rate and Frisco’s bonding capacity. Frisco ISD projects that when all bonds are issued by the 2020-21 school year, the interest and sinking (I&S), or debt service portion of the tax rate, will be maxed out at $.50 per $100. In other words, after the bonds from this $775 million authorization are issued, Frisco may not be able to issue any more for quite some time. What will Frisco ISD do then, when they no longer have the bonding capacity to build truly needed capital projects? Maxing out its bonding capacity and exploding its debt to close to $4 billion is not prudent fiscal management — and the effect on taxpayers will be noticeable. Rather than rubber-stamping the district’s $775 million bond package, Frisco taxpayers should demand that the district work within existing budgetary constraints — just as Texas families do — and employ concepts like zero-based budgeting to help find efficiencies that can be redirected to meet the district’s needs. Adding a big pile of new debt to an already steep mountain of debt is not the right answer. Jess Fields is a senior analyst with the Center for Local Governance at the Texas Public Policy Foundation, a nonprofit free-market http://www.dallasnews.com/opinion/latest-columns/20140427-why-frisco-isds-775-million-bond-is-a-bad-deal-for-taxpayers.ece 1/8 4/29/2014 Why Frisco ISD’s $775 million bond is a bad deal for taxpayers | Dallas Morning News Jess Fields is a senior analyst with the Center for Local Governance at the Texas Public Policy Foundation, a nonprofit free-market research institute based in Austin. He may be reached at [email protected]. Did you see something wrong in this story, or something missing? Let us know. We recommend Growing Burger Chain Embraces Tablet Apps to Scale How to Buy a House When You Already Own One (Tech Page One) (Trusted Choice) Lindsay Lohan Arrested on Stage During 'Saturday Night Live' Monologue (Yahoo! 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Write a comment 38 Comments Sort Subscribe RSS Sharon Sykes 2 days ago He stated the current debt per student without the bond is $56k per student - and it is $14k higher than any neighboring school district. Curious why that doesn't scare you? Like Reply Share 5 replies 8 Tracy Gamble 3 1 day ago It doesn't scare me because I understand the difference between debt and deficit. Frisco is growing faster than, not just our neighboring school districts, but any district in the _country_. We have literally been the fasting growing district for the last ten years. People are coming because they want to live here and they like our schools. We don't get to opt out of educating students (despite what some bond detractors have indicated they would prefer). Frisco ISD has superior bond ratings from Standard & Poor and Moody's. We have won every award you can get for fiscal responsibility, stewardship, accountability. FISD was 1 out of only 14 to receive the Platinum Award from the Texas Comptroller for responsible fiscal management -out of 1038 districts in the state. Yes, the bond number is high. But we need the schools, and we've proven that we can responsibly manage the debt. There isn't an alternative that doesn't create overcrowding. Like Reply Share 4 replies Tom 2 8 1 day ago Tracy, sounds like you love the taxes, enjoy! Like Reply Share 3 replies Tracy Gamble 4 3 22 hours ago "Tom", do you live in Frisco ISD? Or are you just one more outsider trying to tell FISD parents and voters how to live their lives? Just curious... Like Reply Share 2 replies viper_76262 1 1 21 hours ago Tracy, I have lived in Frisco since 2006 and am sick at what I see the district doing. I have two children in the FISD and we moved here for the long term. I will not have an oligarchy or politicians and their cronies in the inner circle hijack this city and turn it into http://www.dallasnews.com/opinion/latest-columns/20140427-why-frisco-isds-775-million-bond-is-a-bad-deal-for-taxpayers.ece 2/8 4/29/2014 Why Frisco ISD’s $775 million bond is a bad deal for taxpayers | Dallas Morning News their cronies in the inner circle hijack this city and turn it into Detroit. Somehow that "free" public education is going to be $68K per student while the administrators have that fancy new admin building?? The days of disengaged voters is over. It is a mission of mine to smoke these people out. Maybe you are one of these people? Like Reply Share 1 reply Tracy Gamble 1 1 18 hours ago viper_76262, if you live here, then you would know what your actual tax bill from FISD is, yes? Therefore you know full well that it is not actually $68K per student, thanks to our strong corporate tax base and strategic booming growth. I welcome your new participation as an engaged voter, and I encourage you to investigate one of the city's fine civic engagement programs like City Hall 101 or Leadership Frisco, so you can learn about how government gets funded and where our tax dollars go. Don't fall for the wild-eyed rhetoric of people like Jess Fields and Matt Armstrong. Like Share Joe Silk 1 1 1 day ago Watch out!!! Big money deals means big money payoffs and corruption opportunities. Plus. Frisco has been reported to abuse free speech of protestors. Vote no to taxes, always. Like Reply Share José 5 1 1 day ago here is an idea.... FRISCO is big enough already... So stop all home building permits.. ESPECIALLY APARTMENTS!!... then wait a few of years for the student population to level off.. After you get the financials back in black (little AC/DC there), then the city should SLOWLY allow new construction.. but only on new homes... no more apartments... Like Reply Share 2 replies JulieB 5 1 1 day ago That's easy to say. First, understand that I'm not defending this bond program. The Frisco ISD includes land in Plano, McKinney, and Little Elm. If that land isn't built out, Frisco can't step in and beg them to stop building. We saw this happen in Plano when single-family homes sprung up in former pastures and farmland in neighboring cities that were part of the district. The east side of Plano was already near build-out at the time. It took years for the district to catch up and get enough schools in place. I don't blame the PISD for that (though I have problems with they way they managed the massive overcrowding in existing schools). If I were moving to Frisco (or any high-growth city), I'd be very careful to look at the broader area surrounding my home. If I had kids, and that land in nearby cities was undeveloped, I'd be wary about potential overcrowding. If I didn't have kids (or sent them to private school), I'd still be wary about property values in the event I had to sell up during a period when the schools were overcrowded. Frisco may be facing a similar dilemma. At the very least they can look to Plano and hopefully avoid some of the mistakes made here in managing overcrowding in schools. Like Reply Share 1 reply viper_76262 3 0 21 hours ago Julie, The ISD can still buy the land now with $37MM. Nothing prevents that so your Plano scenario will not happen in FISD. Like Reply Share harry balz jr 1 0 1 day ago We all know Frisco is growing by leaps and bounds but it's a HUGE mistake to keep increasing our property taxes. Frisco ISD was part of the brain trust that gave millions to Jerry Jones and now they want to increase our taxes? Personally, I'd like to see the growth slow down as it takes away from the value of living here. Who wants more traffic, more people and higher taxes? Like Reply Share 2 replies Tom 6 2 1 day ago http://www.dallasnews.com/opinion/latest-columns/20140427-why-frisco-isds-775-million-bond-is-a-bad-deal-for-taxpayers.ece 3/8 4/29/2014 Why Frisco ISD’s $775 million bond is a bad deal for taxpayers | Dallas Morning News Tom 1 day ago Right Harry, wait until all the secret city council approved free taxes kick in for Jerruh Jones, along with Exide, the people of Frisco are getting hosed. The city council must all ne Democrats with their motto "everyone else's money, just not mine"!!!!!!!!!!!!!! Like Reply Share VK 2 1 22 hours ago From what I read, all the funding for for this JJ venture is coming through sales taxes and from Jones himself. If that's true, it's a pretty good deal for Frisco. Like Reply Share Joe Palmer 1 1 1 day ago How much property tax will the city be collecting from Jerry Jones and the Dallas Cowboys? Like Reply Share harry balz jr 3 0 1 day ago BTW if you thought that all these new fancy office towers are going to help pay for FISD in a material manner ... think again. Read this article from the DMN http://www.dallasnew s .com/business/busin essheadlines/201404 26-tax-law-leads-to- towering-savings-for -big-building-owners .ece Like Reply Share Michael 5 2 2 days ago "What will Frisco ISD do then, when they no longer have the bonding capacity to build truly needed capital projects?" Like what? Like Reply Share Norton Rosenthal 3 0 18 hours ago Problem is, the article does not pass the smell test. Frisco is growing, and growth means providing public schools. As Frisco’s population increases, the earnings and wealth of its population increases, local spending increases, the economic base expands, reducing the impact of the property taxes that provide good schools and that help integrally to propel the community forward… Like Reply Share VK 3 1 22 hours ago Personally, I think Frisco's education model is superior to the one HUGE high school concept of Allen or some others. Class sizes are much smaller with neighborhood type schools and participation in extracurricular activities is greatly enhanced for every student.There's no free lunch for education and with the state reducing funding at every opportunity, the taxpayers of Frisco will have to decide if they want to maintain this excellence in education or not. Like Reply Share Samantha Geiring 2 0 20 hours ago http://www.friscoi s d.org/news/2013/08/ 13/cowboys-partnersh ip Not even a year ago ... "Frisco ISD will contribute $30 million to the project, or 1.2 million annually for 25 years. The money will come from an existing revenue stream generated by a Tax Increment Financing District. The City of Frisco will contribute $30 million; the Frisco Economic Development Corporation, $30 million; and the Frisco Community Development Corporation, $25 million. The Cowboys will be responsible for any cost overruns. “This is another example of how great things happen when people come together to collaborate and partner for the good of the community,” said FISD School Board President Renée Ehmke. “The economic impact of this project will be phenomenal, but the varied experiences provided to our students due to this partnership will be unparalleled. We could not be more excited.” No increase in property or sales tax rates for the FISD, City, FEDC or FCDC is projected." REALLY???????????? ???????????????????? ?????????????????? @Tracy Gamble @Sharon Sykes @JulieB @Alvin Huerta @Jay Cutcher @VK @syndymelbourn e @Joe Silk Like Reply Share 1 0 http://www.dallasnews.com/opinion/latest-columns/20140427-why-frisco-isds-775-million-bond-is-a-bad-deal-for-taxpayers.ece 4/8 4/29/2014 Like Reply Share Why Frisco ISD’s $775 million bond is a bad deal for taxpayers | Dallas Morning News harry balz jr 1 0 12 hours ago 8 Months ago they approved the Cowboys Training Facility while most people were on vacation right before school started. Conveniently, it made the newspaper Thursday and they voted on it on either Monday or Tuesday if I recall correctly. At that time we heard ... "No increase in property or sales tax rates for the FISD, City, FEDC or FCDC is projected." I didn't trust them then and I don't trust them now. I live here and am tired of the taxation without appropriate representation. Here's the link ... http://www.friscoisd .org/news/2013/08/13 /cowboys-partnership "Frisco ISD will contribute $30 million to the project, or 1.2 million annually for 25 years. The money will come from an existing revenue stream generated by a Tax Increment Financing District. The City of Frisco will contribute $30 million; the Frisco Economic Development Corporation, $30 million; and the Frisco Community Development Corporation, $25 million. The Cowboys will be responsible for any cost overruns. “This is another example of how great things happen when people come together to collaborate and partner for the good of the community,” said FISD School Board President Renée Ehmke. “The economic impact of this project will be phenomenal, but the varied experiences provided to our students due to this partnership will be unparalleled. We could not be more excited.” No increase in property or sales tax rates for the FISD, City, FEDC or FCDC is projected." @Alvin Huerta @Jay Cutcher @Joe Palmer @Joe Silk @John Classe @JulieB @Norton Rosenthal @Sharon Sykes @Tracy Gamble @donsanedrin Like Reply Share Matt Armstrong 0 0 24 hours ago Folks look around at WHO is making the personal attacks on this board, Tracy Gamble, who is a paid consultant for the Special Interest PAC supporting the bond. (I work in politics and am a capitalist so not at all against someone making money or even a living doing that, though I am strictly a volunteer (and a donor) to our PAC. Attacking individuals personally is a progressive tactic, a la saul alinsky, instead of touting the benefits of why this massive bond should pass overwhelmingly. It is very unbecoming! You can learn more information about our group opposed to the bond at www.responsiblespend ingcoalition.org and we have videos up explaining our opposition and explaining why we believe people should vote AGAINST this massive bond. We also have the campaign finance reports posted for all to see, and the next one is due this Friday, and we encourage FISD to make them available, and for everyone to see that our group has NOT taken on cent from anyone other than Frisco citizens, and their group has taken HUGE money from Special Interests who stand to make 10's of millions of dollars off of the building of elaborate school buildings. Like Reply Share Matt Armstrong 3 3 1 day ago Be sure to read and SHARE the article that was posted this morning about FISD. This is truly explosive and shocking information that every voter needs to read and hear the audio / watch the video. From taking Obama stimulus funds that add to the debt, to the MYSTERY of the missing elementary schools that taxpayers have already paid for, to the misrepresentation of the way that Frisco ISD has used Gimmicky Financing (Capital Appreciation Bonds) from Dr Lyon. (this audio begins at the 31:52 mark of the audio), this is really a very disturbing article. http://www.breit bart.com/Breitbart-T exas/2014/04/28/Fris co-ISD-to-Decide-on- Adopting-775m-Debt-I nitiative Like Reply Share 1 reply Tracy Gamble 3 3 22 hours ago Keep begging people to SHARE it, Matt. The only shares you've had on your Big Atomic Bomb on FB appear to be from yourself and people who don't live in FISD or even DFW. You'd be wise to start mitigating your losses at this point. Face the facts that Frisco ISD residents and voters just aren't buying the snake oil you're selling. Like Reply Share donsanedrin 1 1 19 hours ago This seems like a rather conservative argument, but it is presented in such a practical and logical way that I agree with just about all of it. There's a difference between investing quality money in schools, and just plain ole overspending. It seems like Frisco had already overspent inefficiently on schools previous to this new bond. For Frisco, its almost as if its a marketing tool to help attract higher class families to move to that town. They probably have these huge expensive schools and fancy facilities. They probably could afford the tax increase, given that the average household makes over six figures, but those on the lower end will definitely be squeezed out. And if the estimate projections do not turn out to be correct, then the existing Frisco residents will find themselves holding a very expensive sack of potatoes. http://www.dallasnews.com/opinion/latest-columns/20140427-why-frisco-isds-775-million-bond-is-a-bad-deal-for-taxpayers.ece 5/8 4/29/2014 Why Frisco ISD’s $775 million bond is a bad deal for taxpayers | Dallas Morning News Wouldn't surprise me if those rich Frisco residents move on to the next trendy suburb, or even back within the trendier parts of Dallas within the next 10 years. Who wants to be paying high county taxes when they're children graduate? Like Reply Share Alvin Huerta 1 2 23 hours ago FYI readers: John Classe was a staunch supporter of putting Arts Hall bond debt on Frisco tax payers backs and as Frisco’s representative on the Arts Hall board, he made a pro-bond/hall vote in defiance of the wishes of the Frisco City Council. His wife serves on Frisco ISD’s Bond Committee. By the way, everyone on that committee has much to answer for considering the grossly inflated school construction costs presented. It appears to have been simply a “Yes” committee stacked with minions. A REAL bond committee needs to be assembled before the horses get out of the barn. Classe raising the growth issue is just an expected diversion from the real issues of debt and excess. Everybody knows Frisco is one of the fastest growing cities in the US and that new schools will be needed. Duh! Opponents are simply calling for a more fiscally responsible package to be presented. (Remember that name in case he tries to secure a seat on the City Council.) Tracy Gamble is the domain registrar for the pro-bond PAC Frisco Schools First and their first campaign finance report shows her receiving $4,000 as a "consultant". Not that there is anything wrong with that. I'm just letting you know who you are hearing from. I live in a sliver of Frisco in Lewisville ISD known as The Swath. LISD just shot through $697.7 million in less than six years and more money is needed. It was not spent even close to the original bond proposal. In part, they financed short-term assets (iPads) with long term debt and it looks like FISD is set to do the same thing. Crazy! You can read about LISD’s bond misdeeds at WeAreFrisco.org. (I am proud to be one of the founders.) Frisco ISD voters: Be afraid. Be very afraid! Like Reply Share 1 reply Tracy Gamble 1 2 22 hours ago Alvin, thanks for the promotion! When WAF ("what a foul-up") and ITS tired angry rhetoric... and the Frisco Tea Party and ITS tired angry rhetoric... get defeated yet again, my phone will ring thanks to you and Matt constantly telling everyone everywhere how I'm the one consulting on communications for the pro-bond PAC. With enemies like this, who needs advertising? (But no, you don't get a sales commission.) Like Reply Share Tracy Gamble 1 1 2 days ago Oh look -- another misleading, fear-mongering opinion from the 25-year-old Austin special interest mouthpiece who doesn't live in Frisco ISD, doesn't have children here, doesn't own a home here, doesn't pay taxes here, can't even vote here. (But hey, he came to town a couple times! He knows what's best for your schools.) Magically, now the bond costs $67,289 per student. Of course that math is derived from the projected NEW students... and they are refusing to account for the other ~45,000 kids already here. Nor are they accounting for all the graduated kids whose parents still live here (and are still paying taxes into the system). Instead, the bond opponents want you to mistakenly believe that somehow, each *student* carries that obligation. Which of course is false. It's like saying that my child in my house owes 1/3 of the mortgage because she happens to live under the roof. SMH. Just keep on throwing those big scary numbers at Frisco ISD residents. I look forward to watching the number continue to climb; soon they'll be handing out flyers at gas stations saying debt per student is ONE SCRILLION dollars. Fortunately, Frisco ISD residents are smart enough to listen to the people we trust. And we also know the difference between debt and deficit. Like Reply Share 6 replies syndymelbourne 4 7 1 day ago so b/c we dont live there anything stated, any money from others outside Frisco is a not good?? REJECT THE BOND SEC8 WILL RUIN YOU Like Reply Share 1 reply 5 4 http://www.dallasnews.com/opinion/latest-columns/20140427-why-frisco-isds-775-million-bond-is-a-bad-deal-for-taxpayers.ece 6/8 4/29/2014 Why Frisco ISD’s $775 million bond is a bad deal for taxpayers | Dallas Morning News Like Reply Share 1 reply Tom 5 4 1 day ago Ha ha, betcha Frisco has minimal section 8. Like Reply Share Jay Cutcher 0 1 1 day ago You're fine with long term debt for short term expenditures??? That portion of the story is very telling in itself and makes me question the whole package. Like Reply Share 1 reply Slim Whitman 8 1 1 day ago Jay, I agree fully. That's a flashing red-light to me. Like Reply Share Slim Whitman 5 1 1 day ago Tracy Gamble, Good grief. No one thinks each student is responsible for his pro-rata share of district debt. It's a way to quantify the amount of debt versus the size of the district. No matter what you say or how you spin it as the piece above mentioned using long term debt instruments to pay for short term obligations is a seriously bad move. Dying third world governments do this. Argentina has done this two or three times right before their economy collapsed each time I might add. The $67,289 figure is the allocated bond cost per estimated new student by 2021. That's information that clearly came from the district itself. Like Reply Share 1 reply Tracy Gamble 7 2 1 day ago "It's a way to quantify the amount of debt versus the size of the district." - Yes, and our district is the fastest-growing in the nation. FISD has answered the short-term debt question a million times. See for yourself. http://ww w.friscoisd.org/bond 2014/faq#15 The short-term debt gets paid off first, but by rolling it into one package, they save on fees from the financing. Additionally, paying for buses, etc within I&S frees up more money in the M&O budget, which can be used for teacher salaries, curriculum, and the like. Like Reply Share John Classe 1 4 1 day ago Wow… A lot of numbers to digest there. I will add a few of my own. Frisco ISD, my district, has approximately 46,000 students presently and expects to add 20,000 more in the next SIX years. That is a 43% increase! Frisco ISD has over 50 campuses today. This bond proposition will pay for just 14 more. 14 more campuses to house a 43% increase in student population. Sure, these are big $ figures, but so is the explosive growth we are experiencing. You encourage voters to vote no? Where do you propose we house these students? Naysayers are really good at simplifying complex problems, but saying no won’t solve them. Like Reply Share 4 replies Matt Armstrong 2 6 24 hours ago With all due respect John, you were also a big proponent of the Arts of Collin County, which would have been a boondoggle had it not been voted down by the people. After that, when you were appointed to the Board, you went against the wishes of those who appointed you, and the people in Frisco who voted 52.7% against it in 2011, to keep it alive. Your wife was on the bond review committee. Not sure you are the most objective observer here. Just sayin! P.S. I appreciate you and your wife's service to the city, but we disagree on this one. Like Reply Share 3 replies Tracy Gamble 2 2 22 hours ago Matt -- tsk tsk. Another sad red herring from the leader of a tiny angry mob. Hey -- we missed you at the Frisco Lakes brunch today. Your leader Tom Fabry crashed the private event uninvited... why not you too? Like Reply Share 1 1 http://www.dallasnews.com/opinion/latest-columns/20140427-why-frisco-isds-775-million-bond-is-a-bad-deal-for-taxpayers.ece 7/8 4/29/2014 Why Frisco ISD’s $775 million bond is a bad deal for taxpayers | Dallas Morning News Like Reply Share John Classe 1 1 22 hours ago Matt, we are certainly allowed to disagree. But my support for this proposition is no less valid than yours just because my wife spent six months in committee vetting it. You want to get things done in this town? Spend some time on the front end instead of constantly saying "no" in the 11th hour. It's harder that way, but it gets results. Finally, your accounting of my service to the city is incorrect. I was, in fact, asked to stay on by our elected officials after my term expired. Sound like an action that would have been taken if I "went against the wishes of those who appointed" me? But feel free to continue diverting attention from the matter at hand. Like Reply Share Tracy Gamble 1 1 21 hours ago Unbelievable. Not 10 minutes ago, you whined and waved your hands in the air like a little kid over on FB because I asked whether you had a student in the FISD school district. So it's low for me to bring up something relevant about your family, but it's not low for you to bring up the family member of another person when it suits your political argument. Seriously, you are such a flaming hypocrite. Like Reply Share 1 0 http://www.dallasnews.com/opinion/latest-columns/20140427-why-frisco-isds-775-million-bond-is-a-bad-deal-for-taxpayers.ece 8/8